10-Q Filing

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. CIK: 1498148 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001161697-18-000374`
Period End Date	20180531
Filing Date	20180716
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	omvs-20180531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 106 Income Statement 34 Cash Flow Statement 67

Balance Sheet 106 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, undesignated, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, undesignated, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, undesignated, authorized	`PreferredStockSharesAuthorized`	15.65M	shares	Point-in-time
Preferred stock, undesignated, authorized	`PreferredStockSharesAuthorized`	15.65M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$24.77K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$135.35K	USD	Point-in-time
Preferred stock, undesignated, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$16.01K	USD	Point-in-time
Preferred stock, undesignated, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, undesignated, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$28.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$16.76K	USD	Point-in-time
Series E Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare1`	$0.00	USD	Point-in-time
Device parts inventory	`InventoryNet`	$316.11K	USD	Point-in-time
Series E Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare1`	$0.00	USD	Point-in-time
Device parts inventory	`InventoryNet`	$309.94K	USD	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	4.35M	shares	Point-in-time
Prepaid expenses and deposits	`PrepaidExpenseCurrent`	$60.49K	USD	Point-in-time
Series E Preferred Stock, authorized	`PreferredStockSharesAuthorized1`	4.35M	shares	Point-in-time
Prepaid expenses and deposits	`PrepaidExpenseCurrent`	$83.10K	USD	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	4.35M	shares	Point-in-time
Note receivable	`NotesAndLoansReceivableNetCurrent`	$40.00K	USD	Point-in-time
Series E Preferred Stock, issued	`PreferredStockSharesIssued1`	4.35M	shares	Point-in-time
Note receivable	`NotesAndLoansReceivableNetCurrent`	$40.00K	USD	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	4.35M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$491.99K	USD	Point-in-time
Series E Preferred Stock, outstanding	`PreferredStockSharesOutstanding1`	4.35M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$562.54K	USD	Point-in-time
Revenue earning devices, net	`RevenueEarningRobotsNetOfAccumulatedDepreciation`	$116.37K	USD	Point-in-time
Revenue earning devices, net	`RevenueEarningRobotsNetOfAccumulatedDepreciation`	-	USD	Point-in-time
Series F Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare2`	$1.00	USD	Point-in-time
Series F Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare2`	$1.00	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$143.19K	USD	Point-in-time
Series F Preferred Stock, authorized	`PreferredStockSharesAuthorized2`	4,350.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$158.21K	USD	Point-in-time
Series F Preferred Stock, authorized	`PreferredStockSharesAuthorized2`	4,350.00	shares	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	$56.25K	USD	Point-in-time
Series F Preferred Stock, issued	`PreferredStockSharesIssued2`	3,450.00	shares	Point-in-time
Series F Preferred Stock, issued	`PreferredStockSharesIssued2`	3,450.00	shares	Point-in-time
Intangible asset, net	`IntangibleAssetsNetExcludingGoodwill`	$52.62K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$30.22K	USD	Point-in-time
Series F Preferred Stock, outstanding	`PreferredStockSharesOutstanding2`	3,450.00	shares	Point-in-time
Series F Preferred Stock, outstanding	`PreferredStockSharesOutstanding2`	3,450.00	shares	Point-in-time
Security deposit	`SecurityDeposit`	$30.14K	USD	Point-in-time
Total assets	`Assets`	$736.58K	USD	Point-in-time
Common stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$904.93K	USD	Point-in-time
Common stock, par value (in dollars per shares)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	480.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	125.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	157.26M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	157.26M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	125.00M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$844.08K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$487.24K	USD	Point-in-time
Advances payable	`ShortTermBorrowings`	$1.59K	USD	Point-in-time
Advances payable	`ShortTermBorrowings`	$1.59K	USD	Point-in-time
Balance due on acquisition of WeSecure	`BalanceDueOnAcquisitionOfWesecure`	$25.00K	USD	Point-in-time
Balance due on acquisition of WeSecure	`BalanceDueOnAcquisitionOfWesecure`	$25.00K	USD	Point-in-time
Customer deposits	`CustomerAdvancesAndDeposits`	$10.00K	USD	Point-in-time
Customer deposits	`CustomerAdvancesAndDeposits`	$10.00K	USD	Point-in-time
Current portion of convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$2.12M	USD	Point-in-time
Current portion of convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$2.98M	USD	Point-in-time
Current portion of convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$2.12M	USD	Point-in-time
Loan payable - related party	`LoanPayableRelatedParty`	$316.14K	USD	Point-in-time
Loan payable - related party	`LoanPayableRelatedParty`	$353.45K	USD	Point-in-time
Vehicle loan - current portion	`VehicleLoanCurrentPortion`	$17.83K	USD	Point-in-time
Vehicle loan - current portion	`VehicleLoanCurrentPortion`	$17.83K	USD	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$898.93K	USD	Point-in-time
Current portion of accrued interest payable	`AccruedIncomeTaxesCurrent`	$694.59K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$13.91M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$31.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.04M	USD	Point-in-time
Convertible notes payable, net	`ConvertibleLongTermNotesPayable`	$131.45K	USD	Point-in-time
Convertible notes payable, net	`ConvertibleLongTermNotesPayable`	$95.06K	USD	Point-in-time
Convertible notes payable, net	`ConvertibleLongTermNotesPayable`	$95.06K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrentAndNoncurrent`	$55.92K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrentAndNoncurrent`	$61.68K	USD	Point-in-time
Vehicle loan	`VehicleLoanNonCurrentPortion`	$64.33K	USD	Point-in-time
Vehicle loan	`VehicleLoanNonCurrentPortion`	$59.90K	USD	Point-in-time
Total liabilities	`Liabilities`	$35.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.29M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, undesignated; 15,645,650 shares authorized; no shares issued and outstanding at August 31, 2017 and February 28, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, undesignated; 15,645,650 shares authorized; no shares issued and outstanding at August 31, 2017 and February 28, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 4,350,000 and 4,350,000 shares issued and outstanding, respectively	`PreferredStockValue1`	$4.35K	USD	Point-in-time
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 4,350,000 and 4,350,000 shares issued and outstanding, respectively	`PreferredStockValue1`	$4.35K	USD	Point-in-time
Series F Convertible Preferred Stock, $1.00 par value; 4,350 shares authorized; 3,450 and 3,450 shares issued and outstanding, respectively	`PreferredStockValue2`	$3.45K	USD	Point-in-time
Series F Convertible Preferred Stock, $1.00 par value; 4,350 shares authorized; 3,450 and 3,450 shares issued and outstanding, respectively	`PreferredStockValue2`	$3.45K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 157,260,897 and 125,004,554 shares issued and outstanding, respectively	`CommonStockValue`	$157.26K	USD	Point-in-time
Common Stock, $0.001 par value; 480,000,000 shares authorized 157,260,897 and 125,004,554 shares issued and outstanding, respectively	`CommonStockValue`	$125.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.37M	USD	Point-in-time
Preferred stock to be issued	`PreferredStockValue3`	-	USD	Point-in-time
Preferred stock to be issued	`PreferredStockValue3`	$174.07K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.50M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-18.39M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-34.26M	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$904.93K	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$736.58K	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$16.67K	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	-	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	$4.26K	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	$12.41K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$168.63K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$17.32K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.38M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$308.09K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$21.85K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$14.22K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.57M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$339.63K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-339.63K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.56M	USD	1 Quarter
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$17.85M	USD	1 Quarter
Interest expense	`InterestExpense`	$12.35K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.15M	USD	1 Quarter
Gain on settlement of debt	`GainLossRelatedToLitigationSettlement`	$268.14K	USD	1 Quarter
Gain on settlement of debt	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
Other income	`OtherOperatingIncome`	-	USD	1 Quarter
Other income	`OtherOperatingIncome`	-	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-12.35K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$15.97M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$14.40M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-351.98K	USD	1 Quarter
Net income (loss) per share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Net income (loss) per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net income (loss) per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Weighted average common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	133.11M	shares	1 Quarter
Weighted average common shares outstanding - diluted (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	60.92M	shares	1 Quarter
Weighted average common shares outstanding - diluted (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	2.46B	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$14.40M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-351.98K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$21.85K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$14.22K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$474.71K	USD	1 Quarter
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Change in fair value of derivative liabilities	`UnrealizedGainLossOnDerivatives`	$17.85M	USD	1 Quarter
Interest expense related to penalties from debt defaults	`InterestExpenseDebtExcludingAmortization`	-	USD	1 Quarter
Interest expense related to penalties from debt defaults	`InterestExpenseDebtExcludingAmortization`	$185.79K	USD	1 Quarter
Interest expense related to derivative liability in excess of face value of debt	`FinanceLeaseInterestExpense`	$599.84K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.13M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Gain on settlement of debt	`GainLossRelatedToLitigationSettlement`	$268.14K	USD	1 Quarter
Gain on settlement of debt	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.78K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-11.24K	USD	1 Quarter
Deposits on robots	`DepositsOnRobots`	$26.50K	USD	1 Quarter
Deposits on robots	`DepositsOnRobots`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-22.61K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Device parts inventory	`RobotPartsInventory`	$6.18K	USD	1 Quarter
Device parts inventory	`RobotPartsInventory`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$358.34K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.04K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$223.44K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$10.90K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-677.32K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-342.54K	USD	1 Quarter
Purchase of fixed assets	`PurchaseOfFixedAssets`	$80.38K	USD	1 Quarter
Purchase of fixed assets	`PurchaseOfFixedAssets`	$119.58K	USD	1 Quarter
Cash paid for security deposit	`CashPaidForSecurityDeposit`	$75.00	USD	1 Quarter
Cash paid for security deposit	`CashPaidForSecurityDeposit`	$25.75K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-106.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-119.65K	USD	1 Quarter
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	$200.00K	USD	1 Quarter
Proceeds from convertible notes payable, net	`ProceedsFromConvertibleDebt`	$700.61K	USD	1 Quarter
Net borrowings on loan payable - related party	`ProceedsFromRelatedPartyDebt`	$37.31K	USD	1 Quarter
Net borrowings on loan payable - related party	`ProceedsFromRelatedPartyDebt`	$59.72K	USD	1 Quarter
Loan from OMVS to RAD prior to the reverse recapitalization	`ProceedsFromLoanOriginationsReverseRecapitalization`	$150.00K	USD	1 Quarter
Loan from OMVS to RAD prior to the reverse recapitalization	`ProceedsFromLoanOriginationsReverseRecapitalization`	-	USD	1 Quarter
Repayment of vehicle loan	`RepaymentOfVehicleLoan`	$1.95K	USD	1 Quarter
Repayment of vehicle loan	`RepaymentOfVehicleLoan`	$4.43K	USD	1 Quarter
Proceeds from sale of preferred stock	`ProceedsFromIssuanceOrSaleOfEquity`	$174.07K	USD	1 Quarter
Proceeds from sale of preferred stock	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$407.77K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$907.55K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-40.90K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$110.58K	USD	1 Quarter
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$24.77K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$135.35K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.01K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$24.77K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$135.35K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$56.91K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.01K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$1.65K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Debt discount from derivative liabilities	`DebtDiscountRecognizedFromDerivativeLiabilities`	$800.61K	USD	1 Quarter
Conversion of convertible notes and interest to shares of common stock	`ConversionOfConvertibleNotesAndInterestToSharesOfCommonStock`	-	USD	1 Quarter
Conversion of convertible notes and interest to shares of common stock	`ConversionOfConvertibleNotesAndInterestToSharesOfCommonStock`	$819.29K	USD	1 Quarter
Settlement and exchange of convertible notes payable	`SettlementAndExchangeOfConvertibleNotesPayable`	-	USD	1 Quarter
Settlement and exchange of convertible notes payable	`SettlementAndExchangeOfConvertibleNotesPayable`	$267.25K	USD	1 Quarter
Capitalization of accrued interest to convertible notes payable	`CapitalizationOfAccruedInterestToConvertibleNotesPayable`	$10.04K	USD	1 Quarter
Capitalization of accrued interest to convertible notes payable	`CapitalizationOfAccruedInterestToConvertibleNotesPayable`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.